Nimrod at a glance
- Population: roughly 82 people; 780th of 853 places in Minnesota (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 82 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: essentially flat from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among Minnesota places: 780th by size among 853 communities (US Census Bureau).
- Size percentile: larger than about 9% of the Census places in Minnesota (US Census Bureau).
- Coordinates: 46.6352, -94.8806 (US Census Bureau Gazetteer).
- Nearest larger cities: Sebeka, MN (10 mi); Menahga, MN (13 mi); Wadena, MN (17 mi); Verndale, MN (18 mi); Staples, MN (18 mi); US Census Bureau population estimates.
- Smaller towns nearby: Aldrich, MN (18 mi); Wolf Lake, MN (25 mi); Manhattan Beach, MN (36 mi) (US Census Bureau).
What a personal loan costs in Nimrod
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
Stretching the term lowers the monthly payment but raises the total interest you pay, so the smallest payment is not automatically the cheapest loan.
Before you borrow, decide what the loan is for and whether the monthly payment fits a budget you can already meet without taking on new debt.
Minnesota lending rules that apply in Nimrod
Each row below is a Minnesota rule with its publisher and the date it was retrieved.
| Rule | Detail | Source |
|---|---|---|
| State lending regulator | Minnesota Department of Commerce (commissioner of commerce) Source says: ""Commissioner" means the commissioner of commerce" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Payday ability-to-repay requirement | Required for payday loans with an APR above 36% (Minn. Stat. § 47.603) Source says: "This section applies to all payday loans with an annual percentage rate that exceeds 36 percent." | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 6% per year legal rate of interest; a different rate may be contracted for in writing (Minn. Stat. § 334.01) Source says: "The interest for any legal indebtedness shall be at the rate of $6 upon $100 for a year" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
| Payday lending status | Legal and licensed; APR capped at 36%, or up to 50% with an ability-to-repay analysis (Minn. Stat. §§ 47.60, 47.601, 47.603) Source says: "The cap on that annual percentage rate is set at either 36%, or up to 50% if the lender conducts an ability to repay analysis" | Minnesota Department of Commerce as of 2026-09-16 |
| Small-loan / installment lender licensing | Regulated loan license required from the commissioner for loans within the Chapter 56 threshold (Minn. Stat. § 56.01) Source says: "without first obtaining a license from the commissioner, no person shall engage in the business of making loans of money" | Minnesota Legislature, Office of the Revisor of Statutes as of 2026-09-16 |
How to compare offers in Nimrod
A few practical steps will make the process in Nimrod less costly:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Minnesota using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.